Problem IC Markets,Traders who lost money unfairly join here

[forexteamau]

count me in, so can you explain more about your plan and how we work it out

Hi Mate,

From what I've read from your thread, I assumed that you were not able to take profit from your investment when market moved in your favor but you have not lost your initial investment? Please correct me if I'm wrong ?
If you haven't lost your initial investment, You would normally get less sympathy in the eyes of judicial authorities but still your right has been violated. They use many tactics not to let you make profit or take all your money, In your case you were lucky if you still have your initial funds.

Have you tried to lodge your complaint with both AFCA and ASIC ? that's cheaper alternative and it takes about two to three months for the case to be processed. If you still were not successful, We can find other victims. As you know we are not alone! If we gather as a team for at least 10 to 20 victims and run the case as a group, It will have stronger impact on the company.

My lawyer said the government is permitting remote swearing via Skype/Zoom and you can sign the documents online or possibly visit Australian embassy where you live to sign the legal documents provide by lawyer.

I will help everyone through all these stages. Even if anyone wants to visit Australia later for this process, I'm more than happy to help. It's not about the money for me now. You cannot imagine the damages they have done to me.I developed heart problem at young age and I had to borrow money from everyone to survive during this pandemic and lock-down.

If you see anyone else who've suffered by this company please inform them.

Let me know if it was the profit you've lost or the investment?

Cheers.

 

[Tradervn]

Hi Mate,

From what I've read from your thread, I assumed that you were not able to take profit from your investment when market moved in your favor but you have not lost your initial investment? Please correct me if I'm wrong ?
If you haven't lost your initial investment, You would normally get less sympathy in the eyes of judicial authorities but still your right has been violated. They use many tactics not to let you make profit or take all your money, In your case you were lucky if you still have your initial funds.

Have you tried to lodge your complaint with both AFCA and ASIC ? that's cheaper alternative and it takes about two to three months for the case to be processed. If you still were not successful, We can find other victims. As you know we are not alone! If we gather as a team for at least 10 to 20 victims and run the case as a group, It will have stronger impact on the company.

My lawyer said the government is permitting remote swearing via Skype/Zoom and you can sign the documents online or possibly visit Australian embassy where you live to sign the legal documents provide by lawyer.

I will help everyone through all these stages. Even if anyone wants to visit Australia later for this process, I'm more than happy to help. It's not about the money for me now. You cannot imagine the damages they have done to me.I developed heart problem at young age and I had to borrow money from everyone to survive during this pandemic and lock-down.

If you see anyone else who've suffered by this company please inform them.

Let me know if it was the profit you've lost or the investment?

Cheers.

If you see my attach picture you will see i have used short position to hedge my long position. I have plan to close my long and short position at the price 5... but it can’t complete . Then it gap with price goes up so my short position can’t cover my lost by long position. And i get lost . It’s my situation

 

[Tradervn]

i just got the response from ASIC :
"Dear Mr...



International Capital Markets Pty. Ltd. (ACN 123 289 109)



Thank you for your correspondence dated 4 May 2020. We confirm that your concerns are primarily that you are in dispute with International Capital Markets Pty. Ltd. (ICM).



What you should do

ASIC believes that these types of disputes are best resolved through internal dispute resolution (IDR), external dispute resolution (EDR) and the benefit of legal advice; not with formal intervention by ASIC.



Please find enclosed Information Sheet 174 Disputes with financial firms, which includes details of what to do in cases such as this.



ASIC and disputes with financial firms

ASIC does not offer EDR services like the Australian Financial Complaints Authority (AFCA). Our role does not extend to taking action against financial firms on behalf of individuals in relation to their private disputes.



Reports such as yours provide us with useful intelligence. We will assess the issues you raised to determine whether regulatory intervention is warranted, however this will likely not assist you in relation to your dispute with the financial firm. The steps outlined in Information Sheet 174 are the best way to resolve your dispute.



ASIC has released Information Sheet 151 ASIC's approach to enforcement which sets out information about how we select matters for formal investigation and our law enforcement role. If you require any information on our role as a regulator, or enforcement action taken by us, please visit our website at https://asic.gov.au/.



We will record the information you have provided on our internal database to assist us in regulating financial firms and in overseeing AFCA, and do not require further information from you.



Please note that you should not expect further communications from us in relation to this report.



Thank you for taking the time to report your concerns to ASIC.



Yours sincerely"

It look like they won't do anything

 

[Pheniox123]

It seems ASIC pretty much washed their hands of individual complaints. This is the issue I currently have with IC markets; how do we make them accountable for their deliberate manipulation? I will be starting my own scam alert soon (hopefully a trader’s court will be initiated; as it seems so many are being scammed).

 

[acertablet]

http://www.naclc.org.au/

try ask them?

 

[forexteamau]

Did you get it today ? Same thing here . They simply copy and paste a text .They don't waste time with potato cases like us . The bitter truth is even a small money exchange Kiosks here in Australia can register with ASIC and get an ACN number for a fee .

Culture is pretty laid back here. They is no audit or investigation .Aussies rarely use these online platforms. They are mostly used by overseas traders who do not have access to legal resources in Australia and that's how they could get away with all these case since 2007! and I'm suggesting to take legal action as a group once we reached to a reasonable number of victims.

There you go ..

What you should do

ASIC believes that these types of disputes are best resolved through internal dispute resolution (IDR), external dispute resolution (EDR) and the benefit of legal advice; not with formal intervention by ASIC.




Please find enclosed Information Sheet 174 Disputes with financial firms, which includes details of what to do in cases such as this.



ASIC and disputes with financial firms

ASIC does not offer EDR services like the Australian Financial Complaints Authority (AFCA). Our role does not extend to taking action against financial firms on behalf of individuals in relation to their private disputes.



Reports such as yours provide us with useful intelligence. We will assess the issues you raised to determine whether regulatory intervention is warranted, however this will likely not assist you in relation to your dispute with the financial firm. The steps outlined in Information Sheet 174 are the best way to resolve your dispute.




ASIC has released Information Sheet 151 ASIC's approach to enforcement which sets out information about how we select matters for formal investigation and our law enforcement role. If you require any information on our role as a regulator, or enforcement action taken by us, please visit our website at https://asic.gov.au/.




We will record the information you have provided on our internal database to assist us in regulating financial firms and in overseeing AFCA, and do not require further information from you.



Please note that you should not expect further communications from us in relation to this report.




Thank you for taking the time to report your concerns to ASIC.




Yours sincerely


Same copy and paste!

 

[forexteamau]

http://www.naclc.org.au/

try ask them?

Free legal services do not work in these cases in Australia. They are mostly dealing with cases like domestic violence and child support etc . There is another governmental one which I tried and personally and went to their office, It's called Legal aid Australia. It's a free service and they give you a 15 to 20 min session.

The young lawyer was not specialized to deal with these cases, So I had to pay for 30 min consultation with a professional one. If you are from Scandinavian countries, Then no it's not like that here.
Welcome to Australia

 

[Vanessa.P]

https://www.forexpeacearmy.com/community/threads/ic-markets.59108/post-332576 ..............
read all, it's my story

 

[forexteamau]

https://www.forexpeacearmy.com/community/threads/ic-markets.59108/post-332576 ..............
read all, it's my story

Hi Vanessa,
I just read your case .I'm sorry to hear about your loss . It was about a year ago so FOS just dismissed your case ? According to FOS or their new version AFCA, Their compensation cap is up to $500K.

From the screenshot you provided you were trading on MT4 or MT5 . Do you have any log from expert or journal area that shows your close requests were denied at that time ? Did you call them from your cell phone number the time you were not able to close your positions ? Can you get any print from your service provider that shows you called them on the exact same date and time with that recorded audio ?

If you could gather some of these evidences, It will make your case stronger . Don't worry about lawyer here.

I will speak with my lawyer and see if he can work on our case as no win no fee or look further for more lawyers. So far there are three of us .I'm sure we will be able to find more victims for this process.

 

[The Reaper of F]

I found out that some brokers have active cyber team who leave positive comments on forums as traders so be careful.

Oh... it's not too late to know that they've "employed" a cyber team to renege the negative reviews online. IC Markets and Pepperstone did well in the very beginning, and as time goes by... they became a ruthless beast going after the retails client in a backdoor fashion. This is part of the reason as to why I've reinstated that it's practical to hold your judgement of beliefs and to do your own research before investing.

To clarify further, cyber teams consist of many variations. It could be social media ratings, social platform ratings, social reviews, and et-cetera. One of the cyber team that I despise the most stemmed from word-to-mouth. Clearly, word-to-mouth is a powerful form of marketing and I, myself, am refraining from recommending/suggesting any brokers to date due to the awareness of deception/manipulation online as of present. Likewise, be wary and take care at this time of crisis.

IC Markets - EToro - Pepperstone <<< Please be advised that they are a bunch of thieves. Look into the FPA's scam alerts archives and you'll be surprised what you could find.